Staffing company Adecco posts 4th quarter profit of $57 million

Adecco posts Q4 profit of $57 million

GENEVA — Swiss-based staffing company Adecco SA posted a €42 million ($57 million) fourth-quarter net profit on Wednesday thanks in part to improving market conditions in France and North America.

The profit compares to a €22 million ($28 million) net loss for the same period last year when Adecco was hard hit by weakened demand by companies for temporary and permanent employees during the global financial crisis.

Analysts with Zuercher Kantonalbank said the result was slightly above expectations.

Adecco CEO Patrick De Maeseneire said France and North America have returned to growth in recent weeks and he expects the positive trend to continue.

Group revenues for the fourth quarter were down 18 percent at €3.8 billion, Adecco said.

Revenue in France — its biggest market — fell 13 percent to €1.2 billion — an improvement compared to the third-quarter decline of 27 percent.

In the United States and Canada, revenues decreased by 14 percent to €562 million.

Shares in Adecco closed up 4.04 percent at 56.70 Swiss francs ($52.5) on the Zurich exchange.